Chinese GDP data released on Friday showed growth of 7.6 per cent in the second quarter of 2012 – printing at market’s expectations, even though it was the slowest pace of growth in three years.

There were also some comments from the Chinese premier (Wen Jiabao), who warned that momentum for a rebound hasn’t been established yet, which has upset traders.

“But we think that given the recent rate cuts, and the scope for more fiscal policy, it’s likely that we’ve seen the bottom of the Chinese cycle, and we should see its economy re-accelerate over the second half of the year.”

With little domestic data due on Monday, the market would be watching for an announcement of economic forecasts from the International Monetary Fund (IMF) on Monday night. Japanese markets are closed for a local holiday.

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